The Cabinet of Ministers of Ukraine supported the draft Law of Ukraine “On the Joint-Stock Company “Skhidniy Mining and Processing Plant” developed by the Ministry of Energy and sent it for consideration by the Verkhovna Rada.
“This is a strategic enterprise, the functioning of which is necessary for the future of our nuclear energy. Its preservation, attraction of investments and modernization will make the state energy-sustainable and strong,” emphasized the First Deputy Prime Minister of Ukraine – Minister of Energy of Ukraine Denys Shmyhal.
The draft law defines the procedure for transforming the state enterprise “Skhidniy Mining and Processing Plant” into a joint-stock company, 100% of whose shares belong to the state, establishes the features of the formation of the authorized capital and the functioning of the company.
The draft also provides for amendments to the legislation regarding the introduction of a moratorium on bankruptcy and the enforcement of decisions regarding the property of the enterprise.
The draft law takes into account the peculiarities of the enterprise when transitioning to a modern corporate governance model, the implementation of which will allow the company to become more attractive for investment, and as a result will allow increasing the volumes of uranium ore extraction, uranium oxide concentrate production and sulfuric acid.
The implementation of the legislative initiative will allow increasing the efficiency of the functioning of the nuclear industry of Ukraine and the competitiveness of the Ukrainian manufacturer, creating favorable conditions for the company to attract private and international capital, and increasing the deduction of taxes and fees (mandatory payments) to budgets of all levels.
“The next step is the accession of SkhidGOK, which provides up to 40% of the uranium needs for Ukrainian nuclear power plants, to NNEGC Energoatom as part of a vertically integrated holding that controls the entire cycle: from the extraction and production of uranium concentrate to the generation of electricity,” said Denys Shmyhal. (Energy Ministry)